OP-ED: Published by Payments Journal
COVID Has Changed Business Payments Forever – And It’s a Good Thing for the Future of Work and Business
Even as new COVID cases are beginning to decline rapidly in the Northeast US, the national and global economic outlook is once again uncertain. However, one thing remains consistent: the critical role of digital payments platforms in helping small businesses across industries survive this difficult time and plan for future growth. While this sector was already rapidly scaling before the pandemic, particularly in the B2C space, the onset of COVID-19 and the subsequent disruption to the global economy fundamentally transformed the payments needs of small businesses.
Businesses are no longer centering their payments strategy around relationships to traditional banks – it’s now software decisions that are driving payment strategy. Platforms like Paya have enabled these businesses to maintain operations with minimal disruption during these unprecedented times, and they will only continue to add value in the post-pandemic economy – which will be characterized by a more dispersed workforce, increasingly tight margins, and the ever-increasing importance of cybersecurity.